The term "isoquant," broken down in Latin, means “equal quantity,” with “iso” meaning equal and “quant” meaning quantity. Essentially, the curve represents a consistent amount of output. The isoquant is known, alternatively, as an equal product curve or a production indifference curve. ...
isoquant curve Fig.104Isoquantcurve.Theisoquantcurveandisocostline. acurvethatshowsthevaryingcombinationsofFACTORS OF PRODUCTIONsuchaslabourandcapitalthatcanbeusedtoproduceagivenquantityof aproductwithagivenstateoftechnology(whereFACTOR INPUTScanbesubstitutedforoneanotherintheproductionprocess).SeeFig.104. ...
Explain how economic growth is shown in terms of the production possibilities curve (PPC). Answer the following questions: 1. What is the definition of economics? 2. Differentiate between microeconomics and macroeconomics. 3. Br...
{x|xisanefficient techniqueandxproducesQ*} Productionfunction:Q=F(x).Outputas functionof(efficient)inputbundles {x|F(x)=Q*,xefficient}isalsoisoquant Isoquantislevelcurveofproductionfunction seethephysicalmodel Bressler1952Example y=20+6.67x2+10x3-.5x3x2 Costfunction Minimumamountofmoneynecessaryto...
9 RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook Isoquant (redirected fromIsoquants) On a chart, a line or curve representing identical outputs when one changes one of two inputs. Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved ...